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Cairo-based Sawari Ventures is launching its Sawari Ventures Fund II in early 2025 with a target size of USD 200 mn, a representative from Sawari Ventures told EnterpriseAM.
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The details: “As with our Fund I, this will be a dual fund structure, consisting of an Egypt-domiciled fund, bringing together our Egyptian investors and investing in Egypt, and a foreign-domiciled fund, bringing in mostly international investors and DFIs, covering Egypt, Tunisia, Morocco, Kenya, and West Africa,” the representative added. Of the total fund, around 70% — c. USD 140 mn — will be invested in Egypt over four to five years.
The targets: The fund is targeting startups in the Series A and B stages, with a small amount of financing allocated for startups in the seed stage, he added. Sectorally, the fund manager plans to double down on fintech and deeptech, while also expanding its investments in edtech and healthtech. Climate tech and agritech are also on the agenda.
Branching out: “With this fund, we are looking to double down on the successes of our inaugural fund, while branching out into new sectors and regions that we see tremendous opportunities for growth and impact in,” the representative said.
What’s next? The company is looking to reach its first close in early 2025, the representative said. The company aims to invest the total target of USD 200 mn over a period of four to five years.
Remember: While local startups raised a combined USD 88.7 mn across 39 transactions during the first half of the year, Egypt’s startup scene has been marked by volatility and continues to lag behind other countries in the region — particularly Saudi Arabia and the UAE.
What about Sawari Ventures Fund I? It had an initial volume of USD 70 mn and included an Egypt-domiciled fund that brought in investors like Banque Misr, Banque du Caire, Suez Canal Bank, and a Netherlands-domiciled fund which brought together international investors like the European Investment Bank and Sango Capital and deployed investments across Egypt, Tunisia, and Morocco.
CORRECTION- We mistakenly reported in the original version of the story that the fund had a size of USD 30 mn. The fund instead has a target size of USD 200 mn. The story has been amended.
